Skip to content
BOL Conferences
Thread Options
#2287071 - 07/27/23 05:18 PM Resubmission?
TMatt87 Offline
Diamond Poster
TMatt87
Joined: May 2011
Posts: 2,010
Idaho
We are about to have our CRA exam, and we just received our CRA sample for validation. In scrubbing the sample, I found a few errors in key fields (loan type, revenue code). I looked in the FDIC exam manual and CRA sampling guide, but I couldn't find a specific number of error that would require a rescrub and resubmission. Am I missing something, is it up to the examiner's discretion, or is there nothing that would require the resubmission of the data?
_________________________
All opinions are my own, not my employer's

Return to Top
CRA
#2287098 - 07/28/23 02:49 PM Re: Resubmission? TMatt87
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 2,127
Connecticut
There are no published rules or guidance about this issue. Moreover, it's too late to correct the data for the annual CRA A&D file which will be published by the FFIEC later this year. But you should correct any and all errors in the micro data file that you will submit to examiners for your CRA evaluation.

I would include a report on the data errors you discovered, including what caused them, how they were identified, what the procedures were to determine the corrections, and what you've done to avoid repeating the errors going forward. Sometimes mistakes can be a positive reflection on you and your bank if you've discovered and corrected them before examiners do. It demonstrates that your systems and procedures to assure data integrity are working.
_________________________
CRA Exam Preparation, CRA Performance Evaluations, Key Performance Benchmarks, & maps

Return to Top